CMG Pharma acquires animal nutrition company ING Medix
Ji-Hyun Lee
Jan 17, 2023 (Gmt+09:00)
CMG Pharmaceutical, a subsidiary of South Korea's CHA Biotech, said on Monday that it is moving into the pet nutrition supplement market by acquiring ING Medix, a specialist in animal nutrition, and making it a subsidiary.
CMG explained that it expects to create synergies by combining ING Medix's nutritional know-how for companion animals with its own technology and distribution network.
"We will achieve annual sales of 50 billion won ($40 million) in the companion animal market by 2030 through continuous development of new products and partnerships with other companies," said Lee Joo-hyung, CEO of CMG Pharmaceutical.